$AKBA
Akebia Therapeutics, Inc.

2014 Q4 Form 10-Q Financial Statement

#000156459014005335 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $0.00 $180.0K $0.00
YoY Change -24.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.500M $2.900M $3.000M
YoY Change 16.67% 262.5% 130.77%
% of Gross Profit
Research & Development $7.100M $6.648M $3.200M
YoY Change 121.88% 105.19% 433.33%
% of Gross Profit
Depreciation & Amortization $20.00K $13.19K $0.00
YoY Change 50642.31%
% of Gross Profit
Operating Expenses $10.61M $9.584M $6.201M
YoY Change 71.05% 137.58% 226.37%
Operating Profit -$10.61M -$9.584M -$6.201M
YoY Change 71.05% 137.58%
Interest Expense $100.0K $100.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $237.0K $236.0K $254.0K
YoY Change -6.69% -11.28% -15.33%
Pretax Income -$10.40M -$9.300M -$5.900M
YoY Change 76.27% 144.74% 145.83%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.37M -$9.348M -$5.947M
YoY Change 74.37% 148.09% 147.79%
Net Earnings / Revenue -5193.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$522.6K -$472.1K -$322.4K
COMMON SHARES
Basic Shares Outstanding 20.34M 20.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.06M $77.00M $32.60M
YoY Change 111.85% 104.25% 1937.5%
Cash & Equivalents $32.78M $49.67M $21.22M
Short-Term Investments $36.28M $27.33M $11.30M
Other Short-Term Assets $1.500M $1.400M $700.0K
YoY Change 114.29% 133.33% 40.0%
Inventory
Prepaid Expenses
Receivables $48.00K $57.00K $135.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $110.5M $119.8M $33.43M
YoY Change 230.47% 211.17% 1419.59%
LONG-TERM ASSETS
Property, Plant & Equipment $210.0K $200.0K $30.37K
YoY Change 591.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $305.0K $100.0K $125.0K
YoY Change 144.0%
Total Long-Term Assets $515.0K $400.0K $1.234M
YoY Change -58.27%
TOTAL ASSETS
Total Short-Term Assets $110.5M $119.8M $33.43M
Total Long-Term Assets $515.0K $400.0K $1.234M
Total Assets $111.0M $120.2M $34.67M
YoY Change 220.19% 212.21% 1475.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.021M $3.000M $714.0K
YoY Change 183.05% 50.0% 78.5%
Accrued Expenses $4.864M $3.500M $3.188M
YoY Change 52.58% 288.89% 696.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $6.885M $6.500M $3.902M
YoY Change 76.45% 124.14% -20.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $32.00K $0.00 $8.000K
YoY Change 300.0%
Total Long-Term Liabilities $32.00K $0.00 $8.000K
YoY Change 300.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.885M $6.500M $3.902M
Total Long-Term Liabilities $32.00K $0.00 $8.000K
Total Liabilities $6.917M $6.600M $3.910M
YoY Change 76.91% 127.59% -20.2%
SHAREHOLDERS EQUITY
Retained Earnings -$100.7M -$90.30M -$127.1M
YoY Change -20.77%
Common Stock $205.0M $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.0K $79.00K
YoY Change
Treasury Stock Shares $8.463K $2.553K $2.553K
Shareholders Equity $104.1M $113.6M -$127.1M
YoY Change
Total Liabilities & Shareholders Equity $111.0M $120.2M $34.67M
YoY Change 220.19% 212.13% 1475.68%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$10.37M -$9.348M -$5.947M
YoY Change 74.37% 148.09% 147.79%
Depreciation, Depletion And Amortization $20.00K $13.19K $0.00
YoY Change 50642.31%
Cash From Operating Activities -$9.200M -$5.600M -$4.910M
YoY Change 87.37% 91.13% 149.24%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$40.00K -$10.00K
YoY Change 100.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$7.610M -$39.96M $1.750M
YoY Change -534.86% 203.88%
Cash From Investing Activities -$7.630M -$40.00M $1.740M
YoY Change -538.51% 203.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K -120.0K -220.0K
YoY Change -77.27% 200.0%
NET CHANGE
Cash From Operating Activities -9.200M -5.600M -4.910M
Cash From Investing Activities -7.630M -40.00M 1.740M
Cash From Financing Activities -50.00K -120.0K -220.0K
Net Change In Cash -16.88M -45.72M -3.390M
YoY Change 397.94% 183.45% 72.08%
FREE CASH FLOW
Cash From Operating Activities -$9.200M -$5.600M -$4.910M
Capital Expenditures -$20.00K -$40.00K -$10.00K
Free Cash Flow -$9.180M -$5.560M -$4.900M
YoY Change 87.35% 90.41% 148.73%

Facts In Submission

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dei Entity Registrant Name
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
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us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: stock-based compensation expense, fair value of common stock and preferred stock and the Company&#8217;s other equity instruments (in periods prior to the IPO), accrued expenses, prepaid expenses and income taxes. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prior to the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company granted stock options at exercise prices not less than the fair market value of its common stock as determined by the Board of Directors contemporaneously at the date such grants were made, with input from management. For periods prior to March&#160;2014, the fair value of common stock at the grant date was adjusted in connection with the Company&#8217;s retrospective fair value assessment for financial reporting purposes. Prior to the Company&#8217;s IPO, the Board of Directors determined the estimated fair value of the Company&#8217;s common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company&#8217;s common stock at the time and the likelihood of achieving a liquidity event, such as an IPO or sale of the Company. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, <font style="font-style:italic;">Valuation of Privately-Held Company Equity Securities Issued as Compensation</font>, to estimate the fair value of its common stock in periods prior to March&#160;2014. The methodologies included a probability analysis including both a potential public trading scenario and potential sale scenario. In both scenarios, value is estimated using the guideline public company method. The sale scenario includes an adjustment for a market participant acquisition premium. Value is allocated among the preferred and common shares according to the rights associated with each type of security. Valuation methodologies include estimates and assumptions that require the Company&#8217;s judgment. These estimates include assumptions regarding future performance, including the successful completion of a public offering. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. </p></div>
us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and Off-Balance Sheet Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash, investments and accounts receivable are the only financial instruments that potentially subject the Company to concentrations of credit risk. At September&#160;30, 2014 and December 31, 2013, all of the Company&#8217;s cash was deposited in accounts at two principal financial institutions. The Company maintains its cash with high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. </p></div>
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41336977
CY2013Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2472
CY2013Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
11338769
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
866590
CY2014Q3 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1050
CY2013Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
125345
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
0
akba Capital Lease Term
CapitalLeaseTerm
P3Y
akba Capital Lease Commencement Date
CapitalLeaseCommencementDate
2014-02
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
94009
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
382872
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
389709
CY2013Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
CY2013Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
11341241
CY2013Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
21215228
CY2013Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
32553997
CY2013Q4 akba Cash Cash Equivalents And Short Term Investments Fair Value Disclosure
CashCashEquivalentsAndShortTermInvestmentsFairValueDisclosure
32556469
CY2014Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
118338253
CY2013Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
32556469
CY2014Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1887471
CY2013Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2452067
CY2014Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
626342
CY2013Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
439435
CY2014Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
179219
CY2013Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
109921
CY2014Q3 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
180214
CY2014Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
313641
CY2014Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
303400
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
186338
CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
323685
us-gaap Payments For Restructuring
PaymentsForRestructuring
189000
akba Severance Agreement Description
SeveranceAgreementDescription
In August 2014, the Company entered into a separation agreement with an employee, which became effective on August 13, 2014. The Company will record the expense and liability associated with the separation agreement ratably over the period from August 5, 2014 through December 31, 2015 because the severance payments are subject to continued service and forfeiture until December 31, 2015. During the third quarter of 2014, the Company recorded severance expense in the amount of $46,682, which was recorded to research and development expense and will be paid out beginning January 2015 through December 2015.
CY2013Q3 us-gaap Severance Costs1
SeveranceCosts1
46682
CY2014Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
0
CY2014Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
12115183
CY2014Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3151792
CY2013Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13628787
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2013Q4 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P3Y
CY2013Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
6837
CY2013Q4 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
31000
CY2013Q4 us-gaap Incentive From Lessor
IncentiveFromLessor
31000
CY2013Q4 akba Lease Commencement Period
LeaseCommencementPeriod
2014-01
CY2014Q3 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
4200
CY2014Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
4200
CY2014Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
350
CY2014Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
9800
CY2014Q3 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
467
CY2014Q3 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
9333
CY2014Q3 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
95059
CY2014Q3 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
387072
CY2014Q3 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
393909
CY2014Q3 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
350
CY2014Q3 us-gaap Contractual Obligation
ContractualObligation
876390
us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
6628384
CY2013 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
4477081
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1234756
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
330259
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
akba Defined Contribution Plan Employees Age To Be Eligible Under Plan
DefinedContributionPlanEmployeesAgeToBeEligibleUnderPlan
21
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2160348
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13222883
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
0
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-51257
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-51257

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